By: Tom Crandall, CFA, CAIA and Kate Lyons, CFA – CFA Society Minnesota Board Members
Intrigued? You should be!
Recently, the CFA Institute hosted delegates from societies around the globe to share details on the progress around their latest initiative, Societies 2.0. Representing the CFA MN Society, Board Members Tom Crandall and Kate Lyons joined Executive Director Mark Salter in Vancouver to learn more about this initiative and how it will add value to our members.
As the name implies, Societies 2.0 is the Institute focusing on societies in a different way than the it has before. Recognizing societies are experts in their own market and understand their members best, the Institute is looking to support the societies in all their different and unique initiatives by promoting the highest standards in ethics, education, and professional excellence. In turn, this partnership will transform the society/institute relationship into a professional body rather than a group of test-passers.
We’ve outlined the three objectives that the Institute will focus on –
- To develop future professionals through relevant and accessible credentialing programs, high
standards of entry and professionalism
- To deliver member value that accelerates the professional success of our members and that
continues to develop educated, ethical members at the top of their profession
- To build market integrity that benefits investors and our members that serve them
So what does this mean for you?
The CFA Institute has committed both financial and human capital resources in order to support the initiative. A key element to the success of this initiative is to reduce the volunteer burden and increase operational consistencies at the society level. Beginning this year, the societies will begin to receive increased funding that can be used to reinvest in the society infrastructure. Externally, the Institute is proactively advocating by engaging policy makers and regulators through leadership projects aimed at influencing perspectives. Actively engaging on industry shaping discussion such as Uniform Fiduciary Duty and capital markets issues such as fintech regulation, the Institute is finding a seat at the table and better able to represent societies and Charterholders as a whole.
The CFA Society of Minnesota is a society that is well known for our programs, innovation, and engaged members. Sure, we already knew that but our strong midwestern sensibilities keep us from really acknowledging this fact, out loud (being transplants, we feel no uneasiness in highlighting!). We believe that the society is in an excellent position to benefit from this new initiative and provide new value and better experiences for our members.
We are excited to explore what these new relationships mean to our local society and how we can leverage these additional resources from the Institute. Should the Compensation Survey be a national effort? How can we better engage with our Federal Reserve Bank? What type of professional education/career development do our members want? Is there a way we can give back to our community? These are just some of the questions that can be considered and we are looking for your voice in the discussion. Keep an eye out in coming weeks for additional information and a special request for your thoughts and interests!